Strategy Is Selling Bitcoin Instead Of Buying — Should Investors Be Worried?

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Strategy built its reputation on one simple ritual. Buy Bitcoin every week, no matter what. That ritual has stopped.

The Machine In Reverse

For years, Strategy followed a clear playbook. It raised money. It bought Bitcoin. Rising Bitcoin prices lifted the stock.

That lets it raise more money and buy more Bitcoin. This cycle became known as the flywheel. Now the flywheel spins the other way.

Peter Schiff Isn’t Holding Back

This isn’t the first time critics have flagged trouble at Strategy. Techgaged reported in December that gold advocate Peter Schiff called it the beginning of the end for MSTR, arguing Saylor sold stock to fund obligations rather than to buy more coins.

Schiff has kept up the pressure since. He also warned in April that Strategy’s own buying could push Bitcoin’s price lower rather than higher, pointing to the company’s shift toward double-digit debt yields as proof investor appetite had already started changing.

A Concentration Risk Nobody Talks About Enough

Strategy’s Bitcoin buying hasn’t just shaped its own balance sheet. It has shaped the entire corporate treasury trend around it.

Techgaged noted in March that Strategy now owns roughly 4% of all Bitcoin in circulation, meaning the broader treasury narrative increasingly depends on one company’s behavior rather than a wide base of buyers.

A pause or reversal at Strategy carries outsized weight for that reason alone.

What The Numbers Actually Show

Strategy’s stock now trades at roughly 0.60 times its net asset value, based on straight market cap comparisons.

That rises closer to 1 times NAV once enterprise value and capital obligations get factored in, The Motley Fool explained.

At a discount to NAV, issuing new stock only shrinks Bitcoin held per share. That makes the original flywheel mechanically impossible to run in reverse gear.

Where Bitcoin Sits on the Chart

As of the latest CoinGecko reading on August 17, 2026 (09:00 UTC), Bitcoin trades at $63,282.65, down 2.6% over the past seven days.

Strategy Is Selling Bitcoin Instead Of Buying — Should Investors Be Worried? — *BTCUSD Weekly Chart. Source: CoinGecko.*

Price fell steadily from highs above $65,000 on August 11 down to lows near $63,000 by mid-month, before ticking back up slightly in the past day.

Whether Strategy resumes buying once its balance sheet stabilizes, or whether this marks a lasting shift away from the model it built, is the question the whole treasury sector is watching for an answer.

Disclaimer:
This article is for informational purposes only and does not constitute financial, investment, or trading advice. The views expressed are based on publicly available data, market observations, and the author’s interpretation at the time of writing. Cryptocurrency markets are highly volatile and unpredictable, and past performance or current technical setups do not guarantee future results. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions. TechGaged does not accept liability for any losses incurred based on the information presented.

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